Last November, we discussed the rail future at the World Rail Festival, and blockchain technology was part of it. What is this new technology? What are the potential use cases that will transform rail travel? Keep on reading to discover our latest whitepaper: ‘Blockchain: harnessing its potential in travel’.
What is blockchain?
The blockchain is a simple way of passing information from A to B in a fully automated and safe manner. Despite blockchain technology being a buzz word, in reality, the technology remains at a very early development stage. And it will take several years before we see a widespread adoption.
At Amadeus, we have been experimenting with Blockchain for some time now. Developing live prototypes, which can apply to the rail industry:
Making loyalty schemes more user-friendly
Loyalty schemes are a key marketing tool for the travel industry. But it represents some challenges: for the traveler, it can be complex to redeem loyalty points. On the other hand, if a scheme wishes to partner with another, there is a complex and costly setup procedure as well as an ongoing file transfer and settlement process happening in the background.
With blockchain, all loyalty schemes can share a single ledger on the blockchain. Transferring traveler's points becomes fast and simple.
Improving identity management
The blockchain's highly reliable nature makes it ideal for improving the way travelers are identified during their journey.
Traveler IDs are required at almost every stage of the travel experience. Imagine how much easier travel would be if you didn’t need to use your ID during your entire journey. It is possible that blockchain technology can deliver a much more frictionless experience for proving a traveler’s identity.
Many areas of the rail industry rely on settlements between parties. Consider a rail booking where an aggregator, OTA, and a railway need to settle commissions based on pre-defined agreements. Today, this is an extremely complex process and the introduction of blockchain based smart contracts could automate settlements in many areas of the industry. Being able to have a faster reconciliation, reduce costs and enhance efficiency.
Would you like to discover all potential use cases of blockchain technology? Download our latest whitepaper now: ‘Blockchain: harnessing its potential in travel’.